MOEX’s October Volumes Resume Downward Trend, Led By FX Decline

MOEX's derivatives and FX volumes fell across the board over a MoM and YoY timeframe in October.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has reported its trading volumes for the month ending October 2016, which resumed a downward trend, despite last month’s brief climb across its foreign exchange (FX) market turnover – the latest figures were highlighted by a MoM decrease in turnover, ultimately confirming several months of stagnation, according to a MOEX statement.

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During October 2016, MOEX’s total FX market turnover moved lower to RUB 25.9 trillion, declining by a margin of -6.2% MoM from RUB 27.6 trillion in September 2016 – these latest figures pared last month’s uptick in volumes, which were largely indicative of a decrease in market volatility.

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Moreover, October 2016’s turnover also included spot trades of RUB 7.1 trillion (RUB 8.2 trillion in August 2016) and swap trades of RUB 18.7 trillion (RUB 19.4 trillion in August 2016). The latest volumes at MOEX also were also lower against their October 2015 equivalents, as the venue’s FX market turnover fell by -15.6% YoY from RUB 30.7 trillion in October 2015.

Volumes Rundown

MOEX’s FX market’s average daily turnover in October 2016 was $19.3 billion (RUB 1,232.0 billion), corresponding to a drop of -1.7% MoM from $19.7 billion (RUB 1,253.3 billion) in September 2016, and -11.7% YoY from $21.9 billion (RUB 1,395.1 billion) in October 2015.

Looking further to MOEX’s derivatives market volumes in October also yielded a negative performance last month. For October 2016, MOEX reported a figure of RUB 7.2 trillion for the month – this was reflective of a loss of -25.8% MoM from RUB 9.7 trillion in September 2016. The latest turnover across MOEX’s derivatives business was also lower in October 2015, justifying a decline of -28.7% YoY vs. RUB 10.1 trillion in October 2015.

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